NEW E-WALLET LAUNCHES
But details are sketchy on this Panama City based venture
The integrity and financial probity of Internet third party e-cash processors is a matter of concern for everyone involved in the industry in these tricky times, as US legislation forces established companies out of the US online gambling market, leaving the field open to less proven entities.
That being the case, one would have thought that the disclosure of full background detail on backers, financial strength and regulatory registration details and requirements would be critical for any newcomer.
Apparently this is not the case with Omega Internet Solutions, which this week launched it's e-wallet from Panama City, although the marketing vice president appears from his contact details to be located somewhere in Dallas, Texas.
The Omega press release, subsequently confirmed in an email from marketing vice president Mike James, invites customers from anywhere in the world to use its Internet facilities for business or personal transactions...even if they have no bank account.
The release goes on to claim that Omega offers several unique features in their e-wallet that distinguishes it from any other e-wallet currently available. "The Omega e-wallet was designed to allow people without bank accounts to fund their online e-wallet through direct money transfers which of course do not require bank accounts. Also, personal checks and wire transfers will be accepted. An Omega Internet Solutions account is free and easy to create," it reveals.
Merchants are also encouraged to sign up on the promise of a 6 percent commission on every dollar sent through - making Omega the only e-wallet that pays merchants. Omega Internet Solutions expects many entrepreneurs in the developing world especially to take advantage of such an opportunity for a small business to get involved. The company also allows third person transfers.
In what is presumed to be a rather coy reference to online gambling, the Omega press release says that the firm expects rapid growth in the "...online entertainment industries which have customers that want additional privacy in their online transactions and may face difficulty in purchasing goods and services due to cultural or other barriers."
The press release was remarkable insofar as it did not, despite launching a financial service, provide any corporate information, and InfoPowa therefore contacted the company, urging further disclosure. In his return email, James proved to be courteous but did not provide any concrete information.
He advised that Omega Internet Solutions is a privately held company formed in the Republic of Panama. The Republic of Panama is the regulatory authority for all activities of Omega that are located in Panama, although he claims that the company operates in unspecified multiple jurisdictions for banking purposes. He asserts that the owners of the company will not disclose their identity, and that Panama was chosen for both business and privacy reasons, and has strong bank secrecy regulations.
Again without supplying any detail, James described the management team at Omega as having "...very strong backgrounds in payment processing and working with online entertainment businesses in particular." He went on to claim that his company has "...very strong financial backing and strong redundant banking operations in multiple jurisdictions to provide for
continued service to all of our customers. All customer funds are segregated from operational accounts so there is always a 100 percent guarantee of customer funds available in Omega e-wallet accounts."
He also pointed out a factor that could be both good and bad - the deposit methods available for Omega are basically cash options, which means there are no windows of potential charge backs or default that may pose significant financial risks to an online e-wallet.
But details are sketchy on this Panama City based venture
The integrity and financial probity of Internet third party e-cash processors is a matter of concern for everyone involved in the industry in these tricky times, as US legislation forces established companies out of the US online gambling market, leaving the field open to less proven entities.
That being the case, one would have thought that the disclosure of full background detail on backers, financial strength and regulatory registration details and requirements would be critical for any newcomer.
Apparently this is not the case with Omega Internet Solutions, which this week launched it's e-wallet from Panama City, although the marketing vice president appears from his contact details to be located somewhere in Dallas, Texas.
The Omega press release, subsequently confirmed in an email from marketing vice president Mike James, invites customers from anywhere in the world to use its Internet facilities for business or personal transactions...even if they have no bank account.
The release goes on to claim that Omega offers several unique features in their e-wallet that distinguishes it from any other e-wallet currently available. "The Omega e-wallet was designed to allow people without bank accounts to fund their online e-wallet through direct money transfers which of course do not require bank accounts. Also, personal checks and wire transfers will be accepted. An Omega Internet Solutions account is free and easy to create," it reveals.
Merchants are also encouraged to sign up on the promise of a 6 percent commission on every dollar sent through - making Omega the only e-wallet that pays merchants. Omega Internet Solutions expects many entrepreneurs in the developing world especially to take advantage of such an opportunity for a small business to get involved. The company also allows third person transfers.
In what is presumed to be a rather coy reference to online gambling, the Omega press release says that the firm expects rapid growth in the "...online entertainment industries which have customers that want additional privacy in their online transactions and may face difficulty in purchasing goods and services due to cultural or other barriers."
The press release was remarkable insofar as it did not, despite launching a financial service, provide any corporate information, and InfoPowa therefore contacted the company, urging further disclosure. In his return email, James proved to be courteous but did not provide any concrete information.
He advised that Omega Internet Solutions is a privately held company formed in the Republic of Panama. The Republic of Panama is the regulatory authority for all activities of Omega that are located in Panama, although he claims that the company operates in unspecified multiple jurisdictions for banking purposes. He asserts that the owners of the company will not disclose their identity, and that Panama was chosen for both business and privacy reasons, and has strong bank secrecy regulations.
Again without supplying any detail, James described the management team at Omega as having "...very strong backgrounds in payment processing and working with online entertainment businesses in particular." He went on to claim that his company has "...very strong financial backing and strong redundant banking operations in multiple jurisdictions to provide for
continued service to all of our customers. All customer funds are segregated from operational accounts so there is always a 100 percent guarantee of customer funds available in Omega e-wallet accounts."
He also pointed out a factor that could be both good and bad - the deposit methods available for Omega are basically cash options, which means there are no windows of potential charge backs or default that may pose significant financial risks to an online e-wallet.
